WEBVTT 1 00:00:05.372 --> 00:00:07.941 - Over a decade now, we have been using business 2 00:00:07.941 --> 00:00:09.242 to achieve the three zeros 3 00:00:09.242 --> 00:00:11.778 set out by our co-founder, Professor Yunus; 4 00:00:11.778 --> 00:00:14.014 zero poverty, zero unemployment, 5 00:00:14.014 --> 00:00:16.683 and zero net carbon emissions. 6 00:00:16.683 --> 00:00:18.451 To mark this important milestone, 7 00:00:18.451 --> 00:00:20.587 we want to take a moment to celebrate 8 00:00:20.587 --> 00:00:22.355 with some of our key partners 9 00:00:22.355 --> 00:00:24.124 who've helped us to get here. 10 00:00:24.124 --> 00:00:26.226 Without a doubt, one of the most important partners 11 00:00:26.226 --> 00:00:28.061 is Boston Consulting Group. 12 00:00:28.061 --> 00:00:30.030 So I'm excited to welcome Wendy Woods, 13 00:00:30.030 --> 00:00:31.731 Vice Chair, Social Impact, 14 00:00:31.731 --> 00:00:34.467 Climate and Sustainability at BCG. 15 00:00:34.467 --> 00:00:35.502 And I'm just as excited 16 00:00:35.502 --> 00:00:37.971 to have our co-founder and chairman, Professor Yunus 17 00:00:37.971 --> 00:00:41.441 and our CEO and other co-founder Saskia Bruysten with us. 18 00:00:41.441 --> 00:00:42.842 Saskia, can you tell us a little bit 19 00:00:42.842 --> 00:00:46.246 about how this partnership between YSB and BCG began 20 00:00:46.246 --> 00:00:48.515 and what were the main elements of it? 21 00:00:48.515 --> 00:00:53.353 - We've been able to work with BCG now for over a decade. 22 00:00:53.353 --> 00:00:57.023 They've been helping us with pro-bono consulting support 23 00:00:57.023 --> 00:01:00.326 but also with Sugonese people 24 00:01:00.326 --> 00:01:02.562 that have been working with us 25 00:01:02.562 --> 00:01:04.297 on a longer term basis 26 00:01:04.297 --> 00:01:06.933 and also here and there have opened doors for us. 27 00:01:06.933 --> 00:01:08.968 - Wendy, can you think back 28 00:01:08.968 --> 00:01:12.038 on some of those moments of positive impact hopefully, 29 00:01:12.038 --> 00:01:14.040 or a win from the early days, 30 00:01:14.040 --> 00:01:16.109 maybe also the first time you actually heard 31 00:01:16.109 --> 00:01:18.511 about this crazy idea of social business 32 00:01:18.511 --> 00:01:21.614 and what is significant to you at that point? 33 00:01:21.614 --> 00:01:23.850 - As BCG, we're always trying to figure out 34 00:01:23.850 --> 00:01:26.820 how to help our clients be the leading edge. 35 00:01:26.820 --> 00:01:28.988 Be the leading edge in building 36 00:01:28.988 --> 00:01:30.590 the best businesses they can, 37 00:01:30.590 --> 00:01:32.959 but businesses that have the best positive impact 38 00:01:32.959 --> 00:01:33.960 on the world. 39 00:01:33.960 --> 00:01:36.362 And Professor Yunus challenged 40 00:01:36.362 --> 00:01:38.431 our entire global partner group 41 00:01:38.431 --> 00:01:40.266 to think even more expansively 42 00:01:40.266 --> 00:01:42.302 and really push the boundaries 43 00:01:42.302 --> 00:01:46.172 on how we could unlock more than we had before 44 00:01:46.172 --> 00:01:49.175 in that spirit of inclusion. 45 00:01:49.175 --> 00:01:51.644 - Professor Yunus, just to build on that, 46 00:01:51.644 --> 00:01:54.013 this is a big mission to achieve, right, 47 00:01:54.013 --> 00:01:55.682 to combine business with impact 48 00:01:55.682 --> 00:01:58.384 and at the same time also influence how large companies, 49 00:01:58.384 --> 00:02:00.854 the corporate CEOs that Wendy talked about 50 00:02:00.854 --> 00:02:04.124 are operating and are challenging their own companies 51 00:02:04.124 --> 00:02:05.525 to be more impactful. 52 00:02:05.525 --> 00:02:08.728 Where do you think we stand today on that front? 53 00:02:08.728 --> 00:02:09.829 - It's just the opening. 54 00:02:09.829 --> 00:02:11.030 It's just the beginning. 55 00:02:11.030 --> 00:02:13.233 And that's where BCG comes out 56 00:02:13.233 --> 00:02:14.734 very important for us. 57 00:02:14.734 --> 00:02:15.869 How much we have achieved, 58 00:02:15.869 --> 00:02:18.872 this history will tell the relationship that we built 59 00:02:18.872 --> 00:02:24.744 between our social business initiatives with YSB 60 00:02:24.744 --> 00:02:26.446 and all the things that we have done. 61 00:02:26.446 --> 00:02:29.415 There are many, many examples over the ten years. 62 00:02:29.415 --> 00:02:31.951 So ten years, we have come a long way. 63 00:02:31.951 --> 00:02:33.386 That's all I can say. 64 00:02:33.386 --> 00:02:35.121 And thank you, BCG. 65 00:02:35.121 --> 00:02:37.090 - How do you see the changes 66 00:02:37.090 --> 00:02:39.859 at BCG because of the partnership of YSB? 67 00:02:39.859 --> 00:02:41.261 What has changed for you personally? 68 00:02:41.261 --> 00:02:43.596 What has changed for the organization? 69 00:02:43.596 --> 00:02:46.366 - I think we've learned so much from working with you 70 00:02:46.366 --> 00:02:50.236 and working with your partners and the entrepreneurs 71 00:02:50.236 --> 00:02:53.673 and we've actually been able to embed a lot of that, 72 00:02:53.673 --> 00:02:55.508 thinking within BCG. 73 00:02:55.508 --> 00:02:56.910 We are striving to make sure 74 00:02:56.910 --> 00:03:00.947 that we are taking a social inclusion 75 00:03:00.947 --> 00:03:04.017 a social impact lens, a frankly, 76 00:03:04.017 --> 00:03:08.688 a people lens in every piece of work that we do, 77 00:03:08.688 --> 00:03:10.957 that we are putting an environmental 78 00:03:10.957 --> 00:03:15.195 and a net zero lens into every piece of work we do. 79 00:03:15.195 --> 00:03:17.363 - I wanted to pivot to Saskia as well 80 00:03:17.363 --> 00:03:21.100 to understand how BCGs work has impacted us. 81 00:03:21.100 --> 00:03:22.802 - We have always been very focused 82 00:03:22.802 --> 00:03:24.204 on measuring the social impact 83 00:03:24.204 --> 00:03:26.906 of our own portfolio companies over the years, 84 00:03:26.906 --> 00:03:29.542 but one thing that BCG developed together with us 85 00:03:29.542 --> 00:03:32.011 and that's always a co-creation process 86 00:03:32.011 --> 00:03:35.715 was actually, how do we measure our impact of YSB 87 00:03:35.715 --> 00:03:37.217 on the portfolio companies? 88 00:03:37.217 --> 00:03:38.251 How we're supporting them? 89 00:03:38.251 --> 00:03:40.620 And we created kind of a spider diagram 90 00:03:40.620 --> 00:03:42.155 to be able to assess that, 91 00:03:42.155 --> 00:03:44.190 which has been very helpful for us 92 00:03:44.190 --> 00:03:46.192 and which we've been using ever since. 93 00:03:46.192 --> 00:03:48.828 - I was actually also going to go a bit boldly 94 00:03:48.828 --> 00:03:49.996 into a bit of brainstorming 95 00:03:49.996 --> 00:03:52.865 on what we can do in the next ten years, 96 00:03:52.865 --> 00:03:54.634 maybe a question, what has to be done? 97 00:03:54.634 --> 00:03:55.702 That's the first thing, 98 00:03:55.702 --> 00:03:57.437 what has to be done in the business world 99 00:03:57.437 --> 00:03:59.072 and in the impact world. 100 00:03:59.072 --> 00:04:00.673 - So now the question is, 101 00:04:00.673 --> 00:04:02.108 how do we actually scale this up 102 00:04:02.108 --> 00:04:03.710 at a much more massive level 103 00:04:03.710 --> 00:04:06.546 to actually ensure that the normal economy 104 00:04:06.546 --> 00:04:08.248 doesn't just doesn't have 105 00:04:08.248 --> 00:04:09.649 that cute little thing on the side, 106 00:04:09.649 --> 00:04:10.516 but that social business 107 00:04:10.516 --> 00:04:13.286 becomes a much more mainstream part of the economy. 108 00:04:13.286 --> 00:04:15.121 And that's really the challenge 109 00:04:15.121 --> 00:04:16.990 that we have for the next decade. 110 00:04:16.990 --> 00:04:21.027 - We have to do whatever needed to be done right 111 00:04:21.027 --> 00:04:22.996 during the next ten years. 112 00:04:22.996 --> 00:04:25.465 And there also promoting, 113 00:04:25.465 --> 00:04:28.868 I keep reminding that we have to keep on 114 00:04:28.868 --> 00:04:31.604 creating companies, businesses, 115 00:04:31.604 --> 00:04:33.606 which will be three zero businesses. 116 00:04:34.574 --> 00:04:37.210 By every test that they are three zero business. 117 00:04:37.210 --> 00:04:38.811 Corporate means three zero corporate. 118 00:04:38.811 --> 00:04:40.546 Business means three zero business. 119 00:04:41.581 --> 00:04:42.949 Zero net carbon emissions, 120 00:04:42.949 --> 00:04:44.217 zero wealth concentration, 121 00:04:44.217 --> 00:04:46.986 zero unemployment and all this built into the business. 122 00:04:46.986 --> 00:04:48.955 We don't have to go and preach them, 123 00:04:48.955 --> 00:04:51.758 get designed like that, it's three zero businesses. 124 00:04:51.758 --> 00:04:57.530 - I will certainly support strongly the need for urgency, 125 00:04:57.530 --> 00:05:00.833 the need for scaling, and the need for mainstreaming. 126 00:05:00.833 --> 00:05:03.303 I think that is tremendously important, 127 00:05:03.303 --> 00:05:08.675 to advancing, accelerating, and solidifying 128 00:05:08.675 --> 00:05:11.044 and growing the progress that we've had to date. 129 00:05:11.044 --> 00:05:13.046 The additional thing that I would just add 130 00:05:13.046 --> 00:05:15.782 is in getting to those three zeros, 131 00:05:15.782 --> 00:05:20.787 in getting to zero poverty, zero unemployment, zero carbon. 132 00:05:20.887 --> 00:05:23.489 We know how to do a lot of that. 133 00:05:23.489 --> 00:05:25.491 And we can make tremendous progress 134 00:05:25.491 --> 00:05:28.561 just by with urgency scaling and mainstreaming, 135 00:05:28.561 --> 00:05:30.930 but there's a piece of those problems 136 00:05:30.930 --> 00:05:33.733 that actually are really sticky and really tough. 137 00:05:33.733 --> 00:05:35.902 And frankly, certainly on the carbon side, 138 00:05:35.902 --> 00:05:38.304 we don't have all the solutions for today 139 00:05:38.304 --> 00:05:40.540 and it's going to require a lot of creativity. 140 00:05:40.540 --> 00:05:42.675 So my vision for our partnership 141 00:05:42.675 --> 00:05:44.043 is for us to continue 142 00:05:44.043 --> 00:05:47.613 to be really pushing that leading edge, 143 00:05:47.613 --> 00:05:50.850 really pushing the creativity of the solutions 144 00:05:50.850 --> 00:05:53.119 and how you can bring the partners together 145 00:05:53.119 --> 00:05:55.321 to unlock some of that creativity 146 00:05:55.321 --> 00:05:58.191 that helps us get not just most of the way there, 147 00:05:58.191 --> 00:05:59.759 but all of the way there. 148 00:05:59.759 --> 00:06:00.960 - Thanks for joining today. 149 00:06:00.960 --> 00:06:02.628 And it's been a pleasure.